‘This. Is. Big.’: After Years of Pressure, World Bank to Stop Funding of Fossil Fuels

“The World Bank’s statement is important ; but more still needs to be done,” says 350.org.

World leaders are meeting at the One Planet SummitEnvironmental supporters are very happy because the World Bank will stop funding oil and gas exploration after 2019.

350.org said “more needs to be done” to reduce funding for fossil fuel projects. However, Stephen Kretzmann (Oil Change International OCI) said, it was a very important decision.

Many people have been calling for an end to World Bank funding of oil and gas projects for decades,” Kretzmann said. “

More than 200 civil society groups, signed an open letter saying that the World Bank and G20 governments and banks stop funding fossil fuels.

World leaders came together to discuss how their nations can reduce greenhouse gas emissions.

The World Bank is committed to the climate accord. It is also discussing how to address the climate crisis.

Additionally,  the French insurance company Axa said Tuesday that it plans to dump investments and stop providing insurance to U.S. oil pipelines.  It will also increase its investments in ecofriendly projects by 2020.

“AXA has set a new global standard.This is new proof that the oil industry’s days are numbered.”


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